Mortgage Rates Remain at Historic Lows

Mortgage Rates Remain at Historic Lows

The latest report from Freddie Mac shows that the 30-year fixed-rate mortgage averaged 3.61% last week, slightly down from the week before (3.66%), and nearly 20 points lower than a year ago (3.80%).

This is great news for homebuyers who are dealing with rising prices due to a low inventory of homes for sale in many areas of the country. Freddie Mac expressed their optimism for the rates to remain low throughout the spring in a recent blog post:

“We expect mortgage interest rates to stay well under 4% as we head into the heart of the spring homebuying season. We’re predicting it to be the best one in 10 years, which should provide even greater opportunities for first-time homebuyers.”

Below is a chart of the weekly average rates in 2016, according to Freddie Mac.

Rates have again fallen to historic lows yet many experts still expect them to increase in 2016. One thing we know for sure is that, according to Freddie Mac, current rates are the best they have been since last April.

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About Melinda Robison

Melinda is a member of the Grand Rapids Association of REALTORS and a full time Real Estate Consultant for one of the most respected and award winning companies in West Michigan, Five Star Real Estate.

The best advocate of Melinda’s professionalism and service are the many satisfied clients who know what a powerful difference Melinda made in their move. She is committed to helping people make quality decisions and ensuring that the details of your transaction will be addressed professionally with sensitivity to your needs.